Bankruptcy

There are many consequences to consider before you make a final decision on whether or not bankruptcy is the best way forward. Although deciding to declare bankruptcy is often the initial reaction of people facing serious debts, bankruptcy can be a poor choice and it often makes more sense to pursue a different solution. Probably the most common realistic alternative for people who would otherwise have to go bankrupt is an Individual Voluntary Arrangement (IVA).

What are the Effects of Bankruptcy?

• Bad Credit Rating – It can become very difficult to conduct business as receiving credit will be virtually impossible.
• Loss of assets – Your assets will be handed over to the trustee and sold to pay your creditors, this includes your house and vehicles.
• Loss of Business and Difficult to get a Job – If you run your own business it will usually be closed down and your employees dismissed.  There are certain positions that a bankrupt person cannot hold, such as company director, MP, councillor, estate agent or magistrate.
• Your reputation – Bankruptcies are published in the local papers and in the London Gazette as well as the bankruptcy proceedings being held in open court.  This can have a profound effect on a person’s reputation.

It is important to consider all the options before declaring yourself bankrupt, our trained advisors can help you make the best decision possible for your individual circumstances.  Call us today or complete the call back form to receive a call from on of our advisors.